Administrative restructuring has begun taking place at distribution network operator DEDDIE/HEDNO as Australian company Macquarie Asset Management’s 49 percent acquisition of the operator from Greek power utility PPC is set to take effect at the end of this month.
Macquarie officials commence work on February 28, when the shareholders’ agreement signed with PPC comes into effect.
According to sources, HEDNO’s seven-member board, which includes a workers’ representative, will step down, as part of the agreement. Company president Nikolaos Bakatselos informed of his intention to resign from his HEDNO post at the operator’s most recent board meeting, the sources added.
However, the current chief executive Anastasis Manos is expected to be reappointed for the operator’s top administrative post, sources said.
According to the shareholders’ agreement, a new eleven-member board will be established, with Macquarie holding four seats. PPC, controlling six seats, will maintain the right to appoint the chief executive, while a workers’ representative will occupy the new board’s eleventh seat.
Bakatselos, also president of the Hellenic-American Chamber of Commerce, has decided to hasten his departure as a result of additional commitments at the Pyramis group and its upcoming relaunch of a new Pitsos home appliances production facility in Oinofyta, northwest of Athens, sources informed.
PPC officials have spoken highly of their collaboration with Bakatselos as HEDNO president.